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Yuan opens weaker on Thursday after hint of Fed rate hike delay
[SHANGHAI] China's yuan weakened at open on Thursday, after a US official hinted that the Federal Reserve is reconsidering whether to go-ahead with an interest rate hike next month given the current global market volatility.
The People's Bank of China set the midpoint rate at 6.4085 per dollar prior to market open, its lowest level since 2011, firmer than the previous day's closing market quote of 6.4105.
The spot market opened at 6.4155 per dollar and was changing hands at 6.4155 in early trade, 50 pips away from the previous close and 0.11 per cent away from the midpoint. The spot rate is currently allowed to trade with a range 2 per cent above or below the official fixing on any given day.
The offshore yuan was trading -1.06 per cent away from the onshore spot at 6.484 per dollar.